Berkadia Completes the Sales of Two Apartment Communities
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, recently announced the sale of two Colorado properties; a multifamily property in Englewood and a student housing property in Colorado Springs.
Iron Works Village, a garden-style multifamily property, located at 519 W Amherst Avenue, Englewood, sold for $14.6 million. Iron Works Village was built in 2020. The property affords convenient access to South Broadway, dining, retail, nightlife, parks, and outdoor recreation. Senior Director Nick Steele and Director Tyler King of Berkadia’s Denver office led the sale on behalf of the seller, Denver-based Blvdway Communities.
“Iron Works Village was originally conceived as a for sale condo development, but the developer was able to capitalize on strong demand for multifamily rentals,” said King. “Iron Works’ units average over 1,400 square feet, differentiating it from other properties in the area.”
Managing Directors Brian Huff and Kevin McCormack of Berkadia’s Denver office also secured $9.229 million in acquisition financing through Fannie Mae on behalf of the buyer, an affiliate of Denver-based Treeline Multifamily Partners. The 10-year fixed rate loan provided six years of interest only payments followed by a 30-year amortization schedule.
Student Housing Property Sells for Record Price
Berkadia also completed the sale of 11 West, a student housing property in Colorado Springs, for $13.175 million. The sales price reflects a per-unit price of $243,982, a record for the Colorado Springs student market.
Nate Moyer, Nick Steele, John Laratta and Tyler King all of Berkadia’s Denver office, led the transaction on behalf of the seller.
“The student housing sector of the Colorado Springs apartment market has had its strongest year ever in-spite of the challenges due to COVID-19,” said Moyer. “The Colorado Springs market has been incredibly resilient throughout the pandemic and has been one of the top performing multifamily markets in the country for the last several years. 11 West was well received by the investment community with bidders from Colorado as well as new-to-market, out-of-state capital.”
11 West was built in 2018 and features 54 units with fully equipped kitchens, a common area courtyard and has patio or balcony options. Located at 1192 Westmoreland Road, the property affords excellent connectivity to University of Colorado, Colorado Springs, University Village Colorado Shopping Center, First & Main Town Center, and many other local conveniences.